Business Description
Accuray Incorporated is a medical device company that develops, manufactures, and sells advanced radiation therapy systems for cancer treatment. Headquartered in Madison, Wisconsin, the company is best known for its CyberKnife and TomoTherapy platforms, which deliver highly precise stereotactic radiosurgery and radiation therapy. Accuray serves hospitals and standalone oncology treatment facilities worldwide.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 458,505 | 446,551 | 447,605 | 429,909 |
| Cost of Sales | 311,538 | 303,630 | 293,645 | 269,954 |
| Gross Profit | 146,967 | 142,921 | 153,960 | 159,955 |
| Selling, General & Administrative Expenses | 91,186 | 92,685 | 94,449 | 94,055 |
| Research & Development Expenses | 47,942 | 49,732 | 57,129 | 57,752 |
| Operating Profit | 7,839 | 504 | 2,382 | 8,148 |
| Interest and Investment Income | 4,714 | 1,838 | 2,572 | 241 |
| Interest Expense | (12,954) | (11,624) | (10,632) | (8,129) |
| Non-Operating Income | 1,535 | (2,538) | (1,110) | (2,262) |
| Total Non-Operating Income | (6,705) | (12,324) | (9,170) | (10,150) |
| Income Before Provision for Income Taxes | 1,134 | (11,820) | (6,788) | (2,002) |
| Provision for Income Taxes | 2,725 | 3,725 | 2,492 | 3,345 |
| Consolidated Net Income | (1,591) | (15,545) | (9,280) | (5,347) |
| Net Income Attributable to Common Shareholders | (1,591) | (15,545) | (9,280) | (5,347) |
| Basic EPS | -0.02 | -0.16 | -0.10 | -0.06 |
| Diluted EPS | -0.02 | -0.16 | -0.10 | -0.06 |
| Basic Weighted Average Shares Outstanding | 102,768 | 98,272 | 94,884 | 92,095 |
| Diluted Weighted Average Shares Outstanding | 102,768 | 98,272 | 94,884 | 92,095 |
| Shares Outstanding | 112,644 | 100,195 | 96,535 | 93,500 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 57,990 | 69,055 | 89,926 | 88,941 |
| Total Cash and Cash Equivalents | 57,990 | 69,055 | 89,926 | 88,941 |
| Accounts Receivable | 83,192 | 92,001 | 74,777 | 94,442 |
| Total Trade Receivables | 83,192 | 92,001 | 74,777 | 94,442 |
| Inventories | 141,020 | 138,324 | 145,150 | 142,254 |
| Other Current Assets | 35,263 | 23,856 | 28,180 | 25,253 |
| Total Current Assets | 317,465 | 323,236 | 338,033 | 350,890 |
| Net Property, Plant & Equipment | 61,773 | 58,547 | 46,779 | 29,483 |
| Net Intangible Assets | — | — | 210 | 250 |
| Goodwill | 57,802 | 57,672 | 57,681 | 57,840 |
| Long-Term Investments | 4,612 | 9,826 | 15,128 | 13,879 |
| Other Long-Term Assets | 28,587 | 19,346 | 21,383 | 20,507 |
| Total Assets | 470,239 | 468,627 | 479,214 | 472,849 |
| Accounts Payable | 34,033 | 50,020 | 33,739 | 31,337 |
| Accrued Expenses | 43,934 | 45,636 | 62,064 | 59,726 |
| Short-Term Debt | 12,734 | 7,756 | 5,721 | 8,563 |
| Current Portion of Leases | 7,375 | 6,218 | 4,151 | 8,567 |
| Unearned Revenue | 94,503 | 85,637 | 92,962 | 100,665 |
| Total Current Liabilities | 192,579 | 195,267 | 198,637 | 208,858 |
| Long-Term Debt | 123,786 | 164,400 | 171,562 | 171,907 |
| Leases | 32,482 | 32,373 | 23,602 | 10,453 |
| Other Long-Term Liabilities | 40,223 | 31,503 | 31,754 | 28,442 |
| Total Long-Term Liabilities | 196,491 | 228,276 | 226,918 | 210,802 |
| Total Liabilities | 389,070 | 423,543 | 425,555 | 419,660 |
| Common Stock | 113 | 100 | 97 | 94 |
| Additional Paid-in Capital | 602,165 | 566,887 | 555,276 | 543,211 |
| Accumulated Other Comprehensive Income | (1,837) | (4,222) | 422 | 2,406 |
| Retained Earnings | (519,272) | (517,681) | (502,136) | (492,522) |
| Total Common Shareholders' Equity | 81,169 | 45,084 | 53,659 | 53,189 |
| Total Shareholders' Equity | 81,169 | 45,084 | 53,659 | 53,189 |
| Total Liabilities and Shareholders' Equity | 470,239 | 468,627 | 479,214 | 472,849 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (1,591) | (15,545) | (9,280) | (5,347) |
| Depreciation & Amortization | 6,150 | 5,905 | 4,527 | 5,513 |
| Share-Based Compensation Expense | 10,201 | 9,484 | 10,053 | 10,600 |
| Other Adjustments | 6,302 | 10,160 | 5,616 | 9,433 |
| Changes in Trade Receivables | 13,356 | (15,826) | 18,488 | (12,519) |
| Changes in Inventories | (9,109) | (3,998) | (6,855) | (22,861) |
| Changes in Accounts Payable | (18,674) | 17,365 | 2,850 | 11,676 |
| Changes in Accrued Expenses | (5,906) | (16,506) | 887 | 6,685 |
| Changes in Unearned Revenue | 4,965 | (9,105) | (7,285) | (207) |
| Changes in Other Operating Activities | (2,834) | 6,162 | (3,462) | (5,373) |
| Cash from Operating Activities | 2,860 | (11,904) | 15,539 | (2,400) |
| Capital Expenditure | (4,272) | (3,601) | (12,614) | (4,717) |
| Purchases of Intangible Assets | (4,251) | — | (67) | — |
| Cash from Investing Activities | (8,523) | (3,601) | (12,681) | (4,717) |
| Issuance of Short-Term Debt | 27,000 | 5,000 | 5,000 | — |
| Repayments of Short-Term Debt | (37,000) | (5,000) | — | (15,000) |
| Net Issuance / (Repayments) of Short-Term Debt | (10,000) | 0 | 5,000 | (15,000) |
| Issuance of Long-Term Debt | 150,000 | — | — | — |
| Repayments of Long-Term Debt | (132,500) | (6,000) | (8,865) | (4,000) |
| Net Issuance / (Repayments) of Long-Term Debt | 17,500 | (6,000) | (8,865) | (4,000) |
| Issuance of Common Shares | 1,627 | 2,247 | 2,200 | 3,889 |
| Repurchases of Common Shares | (90) | (117) | (199) | (258) |
| Net Issuance / (Repurchases) of Common Shares | 1,537 | 2,130 | 2,001 | 3,631 |
| Other Financing Activities | (13,289) | (81) | (248) | — |
| Cash from Financing Activities | (4,252) | (3,951) | (2,112) | (15,369) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1,657 | (1,354) | 302 | (5,561) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (8,258) | (20,810) | 1,048 | (28,047) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $154M |
| P/E | -68.50x |
| P/S | 0.34x |
| EV/EBITDA | 19.49x |
| Return on Equity | -2.5% |
| Return on Invested Capital | -4.8% |
| Current Ratio | 1.65x |
| Free Cash Flow Margin | -0.3% |
Margins
Gross margin
32.1%
Operating margin
1.7%
Net margin
-0.3%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q3 2026 | $105M | -7.4% | -8.7% | $-9M |
| Q2 2026 | $102M | -12.0% | -11.3% | $-12M |
| Q1 2026 | $94M | -7.5% | -12.0% | $-11M |
| Q4 2025 | $128M | -5.0% | 3.3% | $4M |
| Q3 2025 | $113M | — | 0.9% | $1M |
| Q2 2025 | $116M | — | 4.1% | $5M |
| Q1 2025 | $102M | — | -2.1% | $-2M |
| Q4 2024 | $134M | — | 5.1% | $7M |
More on Accuray Incorporated
Figures compiled from public company filings.
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